A fiscal IQ test for Congress

With the supercommittee’s total failure to discharge its responsibilities, you have to wonder if our elected officials ever took math — or even know the basic facts about our serious fiscal situation.

How could they act so irresponsibly if they truly understood the full dimensions of our fiscal mess? Maybe our senators and representatives should have to pass a basic aptitude test before being allowed to debate or vote on deficit reduction. Here, then, is a short test they should all take before we declare them fiscally fit to hold office:

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(Circle the correct letter)

1. Can’t we just “grow” our way out of our financial mess?

A) We’ve done it before. Once the economy rebounds, U.S. innovators and entrepreneurs — the wealth creators among us — can work their magic. Before long, a soaring gross domestic product will turn our debt into no big deal.

B) Get real. We’re in a $60 trillion financial hole. We’d have to grow at double-digit rates for decades to climb out of it. By historical standards, that’s pure fantasy.

2. How about taxing our way to renewed prosperity?

A) The 1 percent can save us. All those super-rich people and corporations are costing us tens of billions by not paying their fair share.

B) Dream on. Sure, we should make it harder for the wealthy to shelter vast amounts of their income. But even if the government confiscated every dollar, the sum would barely make a dent in our mounting federal debt.

3. Maybe we can inflate our way to solvency?

A) Why not? If we need more money to pay down debt, then print more money. We gave that power to the federal government for a reason.

B) You’ve got to be kidding. Inflation is a hidden tax and maybe the cruelest — because it harms the most vulnerable. In any case, our unfunded Medicare and Social Security obligations are growing faster than inflation.

4. We can just slash spending to solve our problems, right?

A) Now we’re facing reality. Out-of-control spending is the primary cause of our troubles, and cutting spending — dramatically — is the simple but tough solution.

B) No, here’s a reality check: We need to cut up the government’s credit cards, but that alone won’t get the job done. Government has grown too big, promised too much and waited too long to “restructure” its way out of the mess.

5. So will it take a combination of spending reductions and revenue increases to get our fiscal house in order?

A) Hold on, this is a trap. Our political parties have rock-solid principles, and we won’t break faith with our base.

B) There’s no way around it. For the numbers to add up, everything needs to be on the table — from spending to taxes to social insurance programs. It’s basic MATH.

6. Would you support comprehensive tax reform that generates more revenues?

A) Are you kidding? We need tax reform. But we are already an overtaxed society. Providing more revenue will just allow the government to grow even larger.

B) Without question our tax system has to be made simpler, fairer and more competitive. It also has to generate more revenues than we’re used to getting. The numbers are clear: While spending may be the main culprit, we need bigger revenues to get the job done. Our attention should be on how to do it.